Your organisation sold goods to PQ Co for $800 less trade discount of 20% and cash discount of 5% for payment within 14
days. The invoice was settled by cheque five days later Which one of the following gives the entries required to record
BOTH of these transactions?
DEBIT CREDIT
$ $
Debit Credit $
Sales price 800
Less： 20%
trade discount 120
Sale PQ Co Sales 640
Cash discount 5% Discount allowed 32
Cash payment Bank 608
PQ Co 640
多做几道
Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal
use?
Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal
use?
According to the IASB's Conceptual Framework for Financial Reporting, which TWO of the following are part of faithful
representation?1 It is neutral2 It is relevant3 It is presented fairly4 It is free from material error
Which of the following accounting concepts means that similar items should receive a similar accounting treatment?
Listed below are some characteristics of financial information.1 Relevance2 Consistency3 Faithful representation4 Accuracy
Which of these are qualitative characteristics of financial information according to the IASB's Conceptual Framework for
Financial Reporting?
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